Right now, one of the hottest scenes around Ethereum behind DeFi is the NFT sector.
NFTs, for non-fungible tokens, are specially designed so as to be ideal digital collectibles, gaming pieces, and beyond.
Accordingly, some of the most promising projects in the NFT arena lately have been NFT marketplaces. One of those marketplaces has been Rarible, which has gained considerable steam after the project recently announced it would pivot into a community-owned marketplace.
Today, let’s dive into this upstart marketplace to see what the buzz is about and to get a better look at the makings of a rising NFT project.
How Does Rarible Work?
Launched in the beginning of 2020 by Alexei Falin and Alex Salnikov, Rarible offers a straightforward, non-custodial marketplace experience for Ethereum users. To start, you’ll navigate to the Rarible site and connect your wallet (support for MetaMask, Fortmatic, WalletConnect, and WalletLink is offered).
Once you have your wallet linked, you’ll be able to start minting NFTs and browsing the Rarible marketplace for pieces to collect. The marketplace’s main advantages include:
- Being open to anyone to use; some other popular NFT platforms only let approved applicants mint NFTs. In this sense, Rarible is DIY and for the little guy and up.
- A simple, easy to navigate UI. This is big when UX can be tough in the cryptoeconomy.
Introduction of $RARI Spikes Interest
Back in July, Rarible went where no NFT project has gone before in unveiling $RARI, the NFT economy’s first governance token effort. The team explained at the time:
“Driven by the will to give our community the power to influence decisions and incentivize active participation, we are launching our own governance token. This new project-management model has proven to be efficient within DeFi industry, and we’re excited to launch the first governance token in the NFT space.”
As for the distribution of $RARI, a portion of the token supply was initially…